(1) This Policy is effective from 20 October 2014. (2) This Policy establishes a framework for how the University will comply with applicable legal requirements in the administration of taxation laws. (3) This Policy applies to all staff involved in transactions that have a taxation impact. The taxes covered are: (4) The University will comply with all relevant Australian taxation legislation. (5) Where a potential taxation liability exists, the officer responsible for the administration of the relevant tax will take action to minimise the liability consistent with legal requirements. (6) No staff are to be involved in any arrangement to avoid tax which contravenes taxation laws. (7) The University is exempt from income tax as it is a public educational institution and is further endorsed as a charitable institution. It is therefore not required to lodge an income tax return. University controlled entities are by default taxable and must apply to the Australian Charities and Not-for-profit Commission if they seek income tax exemption. (8) The Taxation procedure will provide guidance about Fringe Benefits Tax (FBT) and how it impacts the University. The procedure will also provide information on costs that are to be paid for or reimbursed by employees in order to minimise the University's FBT liability consistent with legal requirements and to ensure accurate, complete and correct reporting. (9) The University will only bear the costs for any benefits where these are allowed for by an employment contract or by another policy or procedure. (10) The Taxation procedure will provide guidance about Goods and Services Tax (GST) and how it impacts the University. (11) The Taxation procedure will provide guidance about Payroll tax and how it impacts the University. (12) The Taxation procedure will provide guidance about Land tax and how it impacts the University. (13) The Taxation procedure will provide guidance about the Pay As You Go (PAYG) withholding system and how it impacts the University (14) Corporate Finance is responsible for Income Tax, FBT, GST and PAYG withholding with respect to payments to suppliers. (15) The Director, Corporate Finance through the Taxation Manager will provide appropriate training, regular information and advice, updates and directions about taxation requirements to relevant staff so that the University can comply with taxation legislation. (16) The Taxation Manager will prepare and lodge all necessary returns and statements as required for Income tax, FBT, GST and PAYG withholding with the Australian Taxation Office. (17) Heads of budget centres must: (18) Budget centres that incur a tax liability, including FBT, are responsible for the cost. (19) Budget centres are to advise Corporate Finance of the details of relevant FBT matters (including residual benefits) to ensure FBT is appropriately calculated and charged. (20) All staff must comply with legislative, policy and procedural requirements when provided with fringe benefits and in cases of doubt or uncertainty seek advice from the Taxation Manager. (21) The Taxation procedure documents how to comply with this Policy. (22) For the purpose of this Policy:Taxation policy
Section 1 - Preamble
Section 2 - Purpose
Section 3 - Scope
Top of PageSection 4 - Policy
Compliance
Income tax
Fringe Benefits Tax
Goods and Services Tax
Payroll tax
Land tax
Pay As You Go (PAYG) withholding
Roles and responsibilities
Section 5 - Procedure
Section 6 - Definitions
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